Entain is pursuing three of the 15 available iGaming licences in New Zealand, CEO Stella David confirmed during the company’s full-year 2025 results call on 5 March, as the group reported net gaming revenue up 8% to £5.3 billion for the year.
The New Zealand opportunity carries significant strategic weight for Entain. CFO Rob Wood said the operator expects to capture up to half of a market estimated to be worth £600 million. The licensing process is set to begin in July, according to New Zealand’s Department of Internal Affairs, with market launch expected in 2027. Neither Wood nor David have included the New Zealand opportunity in Entain’s financial forecasts for 2026 or 2027.
Entain holds a structurally distinct position from any other potential applicant. Through its exclusive sports betting brand TAB, it is the only operator currently able to cross-sell between sports betting and iGaming in New Zealand. Prior to the results call, there had been uncertainty among stakeholders about whether TAB’s monopoly status would preclude it from applying for a separate iGaming licence. Both David and Wood indicated that concern has been resolved.
UK tax mitigation plan doubled to £50m
On the domestic front, Entain has doubled its UK tax mitigation target to £50 million, up from the £25 million figure set out previously. The savings are designed to absorb the financial impact of incoming increases to Remote Gaming Duty and General Betting Duty. The UK confirmed those increases in November 2025, raising the online casino rate to 40% and sports betting to 25%, triggering widespread industry responses. Entain had previously estimated a £200 million annual impact from the duty changes.
David said the company’s priorities had to evolve, with a sharpened focus on cash generation. The target is £500 million in annual adjusted cash flow from 2028. The savings programme covers bonusing optimisation, product gap closures, and reductions in cost of sales. AI-enablement was also cited as a contributor to both cost savings and improvements in customer experience.
Entain expects to continue on its single-digit growth trajectory in 2026, with smaller UK operators expected to struggle to compete against scaled incumbents.
UK market share gains in 2025
Entain recorded 15% online growth in its core UK and Ireland market during 2025, driven by 18% gaming NGR growth. Sports NGR was up 7% for the 12-month period, though it was weighed down by results in Q4. The operator said it had grown UK market share during the year and held podium positions in 13 of its 16 live markets globally.
One analyst on the call described Entain as materially outperforming its largest UK competitor. David attributed this to improved customer journeys, a revamped Ladbrokes experience, and the recent launch of a bet builder for racing. The performance is a marked contrast to the position the company faced when UK growth in earlier 2025 was being offset by looming tax concerns.
Bottom line and 2026 guidance
Gross profit for the full year came in at £3.2 billion, up 3% from 2024. Underlying EBITDA rose 7% to £1.2 billion, ahead of upgraded guidance of £1.1 billion to £1.15 billion. A statutory loss after tax of £681 million reflects a non-cash impairment charge of £487.7 million against the UK business, triggered by the Remote Gaming Duty increase.
Profitability was supported by BetMGM, the US joint venture with MGM Resorts, which turned profitable in the period and contributed ahead of expectations. For 2026, Entain is guiding online NGR growth of 5-7% on a constant currency basis, with broad-based growth expected across the portfolio. Total group EBITDA, including BetMGM, is expected to be stable year-on-year despite absorbing the full impact of the UK duty increases.
Source: Entain
